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date: 17 June 2021

Abstract and Keywords

This chapter considers the psychological, methodological, and normative paths taken by behavioral law and economics (“BLE”) and alternative paths that BLE might have taken, and might still take. The counterfactual BLE imagined here focuses on performing behavioral analyses of legal problems rather than promoting the heuristics and bias view of judgment and decision-making to compete with law and economics’ rational actor model. This change in focus would give priority to empirical studies in which particular legal institutions and specific legal tasks are simulated or studied in situ rather than to studies of abstract and general judgment and decision-making problems that may provide more theoretical bang but have less clear applied payoff in specific legal contexts.

Keywords: law and economics, behavioral law and economics, rational choice, judgment and decision-making, heuristics and biases, external validity, consequentialism

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